HDFC Bank Q1 net jumps 34% to Rs 812 cr

Leading private sector lender HDFC Bank on Monday reported a 33.8 per cent increase in its June quarter net profit at Rs 811.71 crore (Rs 8.11 billion).

The bank had reported Rs 606 crore (Rs 6.06 billion) profit in the corresponding quarter last fiscal.

Total income rose by 4.3 per cent to Rs 5,360 crore (Rs 53.6 billion) in the April-June quarter up from Rs 5,136 crore (Rs 51.36 billion) in the same period last year, HDFC Bank said in a filing to the BSE.

Gross non-performing assets declined to 1.21 per cent from 2.05 per cent during the quarter, while the net interest margin rose marginally to 4.3 per cent from 4.2 per cent a year earlier.

The bank's provisions were down at Rs 555 crore (Rs 5.55 billion) from over Rs 658 crore (Rs 6.58 billion) in the same quarter last fiscal.

Shares of the bank rose 0.57 per cent to Rs 2,050.35 on the BSE, on a day when the broader Sensex closed down 27 points at 17,928.42.